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Income Taxes | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recorded based on the difference between the financial statement and tax basis of assets and liabilities at the enacted tax rates. The Company reviews its deferred tax assets regularly for recoverability. As of September 30, 2024, we determined that we did not need a valuation allowance on our gross deferred tax assets. Although realization of the deferred tax assets is not assured, management believes that it is more likely than not the deferred tax assets will be realized based on our expectation that we will be able to fully utilize the deductions that are ultimately recognized for tax purposes. For the nine months ended September 30, 2024, there was no current reporting period activity recorded in the operating statement or the balance sheet related to uncertain tax positions. The effective tax rate for the three months ended September 30, 2024 was 10.8% compared to 24.9% for the three months ended September 30, 2023 period last year. The effective tax rate for the nine months ended September 30, 2024 was 31.5% compared to 25.0% for the nine months ended September 30, 2023. The difference in the Company’s effective tax rates for the periods below primarily reflect tax treatment of taxable gains and losses of the Separate Account UVE-01 which is domiciled in Bermuda and not subject to state income taxes. See "—Note 14 (Variable Interest Entities)” for more information regarding the Company’s VIE captive insurance arrangement. The provision for income taxes differed from the statutory rate as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Expected provision at federal statutory tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increases (decrease) resulting from: |  |  |  |  |  |  |  |
State income tax, net of federal tax benefit |  | (7.0) | % |  | 9.5 | % |  | 5.9 | % |  | 1.5 | %
Disallowed compensation |  | (3.4) | % |  | (6.5) | % |  | 2.4 | % |  | 2.8 | %
Equity compensation shortfall |  | — | % |  | — | % |  | 2.0 | % |  | — | %
Nondeductible expenses |  | (0.3) | % |  | (0.1) | % |  | 0.5 | % |  | 0.3 | %
Dividend received deduction |  | 0.5 | % |  | 1.2 | % |  | (0.3) | % |  | (0.5) | %
Other, net |  | — | % |  | (0.2) | % |  | — | % |  | (0.1) | %
Total income tax expense (benefit) |  | 10.8 | % |  | 24.9 | % |  | 31.5 | % |  | 25.0 | %

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